Hey Simple Wholesalers!
I know we’ve spent a lot of time discussing why you need a mentor and how to find and approach a mentor. Today, I want to spend some time diving deep into how having a mentor can truly impact your business.
The Effects and Results of Having a Mentor
When I first started this business, I had a mentor and my business was super successful starting out and quite frankly, I thought I knew it all.
So for about 3 to 4 years, I stopped reading. I stopped asking for advice. I stopped building my knowledge and wisdom because I thought I had it all figured out.
Although I was seeing some success in my business, once I had hit a certain point, my business became stagnant and I realized that I had stunted my own company’s growth because I failed to continue seeking wisdom.
In my most recent years, I’ve hired a business coach, I’ve got involved in a mastermind group, I read and listen to books nonstop, and I am constantly asking questions. I’ve found great mentors and colleagues to learn from and because of that, my business has doubled due to mentorship.
Paying for Mentors and Coaches
Now, I’ve had my fair share of mentors. Some that were free and some I have paid for. So here’s some advice if you’re considering paying for a mentor or coach.
If you are willing to pay for a mentor, determine how much you are willing to pay and look at it from an internal investment perspective. Don’t look at it as an expense but instead look at it as an investment.
For instance, if I pay a mentor $1,000 and I make $10,000, then it’s worth it. If I pay a mentor $10,000 and I make $100,000, then it’s worth it.
It really just depends on if your mentor legitimately has what it takes get you to the next level.
My Mastermind Group Experience
Earlier this year I was approached to join a mastermind group called the Collective Genius. This mastermind group connects you with the nation’s top real estate investors and the group meets once a quarter to share best practices and business tips.
Now this specific mastermind group costs roughly $20,000 to $25,000 a year, not including traveling expenses. Although being a part of this group was a huge financial commitment, it was a significant investment that has benefited Simple Wholesaling tremendously.
The resources and the connections alone were totally worth it for me!
Since joining the Collective Genius, not only has my business doubled, I am also able to provide the Simple Wholesaling Podcast with the best content due to the endless sea of guests we have from members of the Collective Genius.
Be Very Cautious
Although I have seen a significant return on my investment by joining the mastermind group, if I was just getting started, I would be careful on going out and spending $20,000 on a mastermind group because the investors in that group are doing lots of deals a month.
So it’s important that you understand where you’re at in your real estate investing journey and choose your mentors accordingly.
Ask yourself, are you just getting started? Are you doing one deal a month? Five deals a month? Ten plus deals a month?
You want to find a mentor suited for what you are currently doing and want to do. Once your business starts to grow, your mentor will change.
Guys, I put in a lot of thought and consideration before joining the Collective Genius. It’s funny because I had previously hired a business coach who charged $250 an hour (which was a lot of money at the time) and I was just thinking, wow, I’m going to pay this guy $250 an hour to sit down with me a couple of hours a month.
But when I was approached by the mastermind group, I actually asked my business coach if it was a good idea to join. So essentially, I had a mentor, mentoring me about a mentorship program.
Have you guys ever attended a timeshare presentation?
They spend two hours hyping it up to get people excited about the timeshare. If that doesn’t work, they’ll bring someone else up to speak about it. If that doesn’t work, they’ll tell you what happens if you don’t invest into their timeshare. They are using your emotions to convince you to purchase their product.
Guys, I’m going to be completely honest with you all…
That’s how a lot of mentorship programs out there are. If you attend those free real estate investing seminars which is a whole system in itself to convince you that you need their mentorship program in order to succeed in real estate investing. They normally charge $20,000 to $50,000 to join and those programs simply aren’t worth it. They’ll actually encourage people to put the balance on their credit cards, putting people into a bunch of debt before they even start their business.
So you guys have to be really careful with that because mentorship should not be a high pressure situation from either end and successful mentorships should grow organically.
If your potential mentor isn’t in the business and isn’t doing deals themselves, then steer clear. People really play on the emotions because emotions are such high driving forces.
Think Outside of the Box
Although I’ve seen much success from paying coaches and mentors who I meet with in person, I have also invested my time and money in mentors who I don’t know personally.
You can do the same and find people who inspire you and you can either subscribe to their YouTube channel, purchase their book, follow them on social media, the list goes on.
Don’t limit your options.
Follow Through
Guys, I can’t express how important it is to follow through with your mentor!
If you want to see results, you must take action!
Don’t just pick your mentor’s brain, suck everything you need from them and never contact them again. This will give you a bad reputation!
Don’t let your mentor down and as a result, your mentor will appreciate your work ethic and will want to invest more in you.
Conclusion
My business suffered when I didn’t seeking wisdom through mentorship and I don’t want your business to become stagnant like mine did for a few years.
Even when you start to crush it in your business, never stop seeking wisdom!
The real estate industry is forever evolving so seek knowledge as often as you can. Read daily, listen to podcasts, watch youtube videos, find an accountability partner, join a mastermind, do whatever you need to do to continue to learn and grow.
If you do these things and take action, I guarantee your business will soar!
